What makes logbook loans better than other types?
The biggest advantage logbook loans has over other types of loans is its ease and leniency. It's a good option for people with bad credit because the requirements are not strict – a lot of lenders won't even pay too much attention on your credit score! It's also a great source of quick funds, because the entire process lasts roughly 24 hours and you can have your money by then.
How can I become eligible for a logbook loan?
As long as you are a resident of Wales, Scotland and England, you're golden. Also, you need to be of legal age, meaning 18 years and above. You must also be the legitimate owner of the vehicle in question. Also, you need to have a steady source of income. Lastly, your vehicle must be insured.
What documents do I need to submit?
Aside from a fully answered application form, you will need your car's logbook and MOT certificate most of all. Then there's your car's insurance documents, your proof of income, a valid ID and your current billing address.
Do I have to surrender my car to the lender?
No. What you need to secure the loan is the car's logbook, not the car itself. So, even while you are paying for your loan, you still get to drive and use your car. However, you still need to subject your vehicle for our appraisal to check its value. This is what we need to determine how much to give you on your loan.
How much money will I get?
The value depends on your car's value and your ability to pay. It can go for as little as £500 to as much as £50,000, depending on what your lender decides.
Are there rules regarding how I use the money I get?
No, you're free to do whatever you want with your money. The purpose of logbook loans is to provide instant cash for a variety of purposes. This is why most lenders aren't picky and will approve your loan application regardless of the reason. Some lenders won't even ask.
How soon can I get my money?
If you decide to apply early, and the process goes smoothly, the money will be wired to your account by the end of the day.
How long does it take to pay off logbook loans?
Logbook loans are considered short-term loans, and the payment duration usually ranges from 12 to 36 months. You can always opt to repay your loan early to free yourself from your financial responsibilities. We ensure that all our partner lenders don't impose penalties on early repayments.
What happens if I fail to pay my loan?
Logbook loans are usually the easiest to pay off, but then again something unexpected might happen during the course of repayment, leading to non-payment. If your financial circumstances change, it is advisable that you talk to your lender as soon as possible. Negotiations are always encouraged and you may be given more options to help you out. If you do not approach your lender and simply grow negligent, your car may be repossessed to repay the loan. Also, your credit rating will be affected negatively as a result of non-payment.